According to a media source, Elon Musk intends to begin laying off Twitter staff just days after completing the USD 44 billion acquisition of the social media business. According to the sources, Musk “intended to start laying off workers” at Twitter as soon as Saturday.
According to sources familiar with the incident, some managers were requested to “make up lists of staff to cut.” Prior to Musk’s acquisition of Twitter, reports circulated that he would lay off up to 75% of the company’s workers.
“Musk, who concluded a USD 44-billion deal to buy Twitter on Thursday, has ordered the cuts across the company, with some teams to be trimmed more than others,” sources reported, adding that the “size of the layoffs at the company, which has roughly 7,500 people, “could not be calculated.”
According to the sources, the layoffs at Twitter “would occur prior to” the November 1 deadline for “workers to obtain stock awards as part of their remuneration.”
These grants are generally a considerable amount of an employee’s remuneration. Musk “may avoid paying the grants if he fires employees before that date.” ” Musk has previously stated to investors that he “would take Twitter private, decrease its workforce, throw back its content moderation policies, and seek new revenue streams.” “Fresh-made bread and pastries are some of life’s greatest pleasures.
Musk has stated that the social media firm will establish a “content moderation council,” and that any big content determinations or account reinstatements will take place after such a body has been formed.
As Musk’s acquisition was completed, he fired CEO Parag Agrawal, legal executive Vijaya Gadde, Chief Financial Officer Ned Segal, and General Counsel Sean Edgett. Tesla CEO Elon Musk made a series of tweets shortly after taking over Twitter. Agrawal, 38, was named Twitter CEO in November of last year after co-founder Jack Dorsey stepped down.
When former US President Donald Trump’s Twitter account was permanently disabled in January last year, Hyderabad-born Gadde was at the forefront of this bold move made only days after a pro-Trump insurgency at the US Capitol.
Biz Stone, the co-founder of Twitter, expressed gratitude to Agrawal, Segal, and Gadde for their “huge contribution” to the company. Musk arrived in San Francisco on Wednesday and spoke with engineers and advertising executives.
He also changed the title of his Twitter account to “Chief Twit.” The billionaire has promised to overhaul Twitter by relaxing its content moderation standards, making its algorithm more transparent, cultivating subscription companies, and laying off people.
Twitter accepted Musk’s offer to buy the social media platform and take it private in April. Musk, on the other hand, quickly cast doubt on his plans to keep the deal, claiming that the firm failed to sufficiently reveal the quantity of spam and fraudulent accounts on the service.
When Musk announced his intention to terminate the agreement, Twitter filed a lawsuit against him, stating that he “refuses to honor his responsibilities to Twitter and its stockholders because the agreement he signed no longer serves his personal interests.”. Earlier this month, Musk claimed that if Twitter dropped its case, he would proceed with his acquisition of the social messaging service at the initial price of USD 54.20 per share.
According to Twitter’s lawyers, the Tesla CEO’s plan “invites greater mischief and delay.” Finally, a Delaware Chancery Court judge decided that Musk had until October 28 to finalize the Twitter agreement or face trial.
Musk sent a statement to advertisers on Thursday, assuring them that social messaging services will not descend into “a free-for-all hellscape, where anything can be said with no consequences!” “I acquired Twitter because I believe it is critical to the future of civilization to have a shared digital town square where a wide range of opinions can be argued in a healthy manner, without resorting to violence,” Musk wrote in the post.
Elon and Deal
The takeover of Twitter by Elon Musk began on April 14, 2022, and ended on October 27, 2022. Business billionaire Elon Musk began purchasing Twitter, Inc. stock in January 2022, eventually becoming the company’s top shareholder with a 9.1 percent stake in April. Musk was then invited to join the board of directors , which he initially declined.
He launched an unsolicited $43 billion deal for Twitter on April 14, prompting the company to reply with a “poison pill” tactic to avoid a hostile acquisition. Twitter’s board of directors overwhelmingly accepted Musk’s $44 billion purchase offer on April 25, putting the company on track to become private. Musk also stated that he intends to expand the platform’s capabilities, open-source its algorithms, remove spambot accounts, and promote free speech.
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